Prepare your workspace by laying out parchment paper or a silicone baking mat on a flat surface. Spray the bottom of a small cake pan with cooking spray and wipe with paper towel.
Heat a small non-stick skillet over medium-low heat (setting 3-4 on most stoves). Allow the pan to warm up for about 1 minute.
Add all the sugar to the center of the heated pan. Stir constantly with wooden chopsticks or a spatula, keeping the sugar concentrated in the middle to prevent burning.
Continue stirring until the sugar completely melts and turns a beautiful amber color. This takes about 3-4 minutes. Do not let it get too dark or it will taste bitter.
Remove the pan from heat immediately. Add the baking soda all at once and stir rapidly for 10 seconds. The mixture will foam up and double in size.
Quickly pour the foamy mixture onto your prepared parchment paper. Wait 10-12 seconds for it to cool slightly before pressing.
Use the greased bottom of your cake pan to gently press the candy flat until it's about 1/8 to 1/4 inch thick. Remove the pressing tool.
While still warm but not hot, press your cookie cutter about halfway into the candy to create the shape outline. Don't press too deep or it will break easily.
Allow the dalgona candy to cool completely for about 5 minutes until hardened. Carefully remove from parchment paper.
To play the Squid Game challenge, use a needle or toothpick to carefully carve out the embossed shape without breaking the candy.